MEDIA RELEASE

Hawaiian Electric Industries, Inc. has reported consolidated net income for common stock for the third quarter of 2012 of $47.7 million, or $0.49 diluted earnings per share (EPS), compared to $48.4 million, or $0.50 diluted EPS for the third quarter of 2011.

“HEI had another solid quarter as we continued to invest in our Hawaii-based businesses. Through the first nine months of this year, Hawaiian Electric Company invested $188 million, close to twice its earnings, in local infrastructure projects to modernize the electric grid and reliably integrate increasing amounts of renewable energy. At American Savings Bank (American), loans to customers, excluding residential lending, increased over $100 million in the first nine months of the year, with a $15 million increase in clean energy loans. Over $600 million of new residential mortgages were originated by American during this period, more than double the amount for the same period last year,” said Constance H. Lau, HEI president and chief executive officer.

“Reducing Hawaii’s dependence on oil is critical to an economically and environmentally vibrant future for our state and our utility’s customers. Since the end of 2010, a typical monthly Oahu residential electric bill increased by about $52, of which $42 is due to higher fuel oil costs. This is why we are committed to continuing to seek ways to help stabilize customer bills and accelerate Hawaii’s move to clean energy,” Lau said.

HAWAIIAN ELECTRIC COMPANY CONTINUES TO INVEST IN CLEAN ENERGY AND RELIABILITY

Hawaiian Electric Company’s net income for the third quarter of 2012 was $38.4 million, nearly flat with $38.0 million in the third quarter of 2011 as recovery of costs for reliability and clean energy investments were largely offset by higher expenses.

The primary variances impacting net income for the quarter were (on an after-tax basis):

* $4 million recovery of costs, net of lower heat rate earnings

* A favorable tax settlement of $1 million recorded in the third quarter 2012 related to prior years

* $4 million higher operations and maintenance (O&M) expenses2

* $1 million higher depreciation expense

O&M expenses2 were approximately 7% higher in the third quarter of 2012 compared to the third quarter of 2011 largely due to higher customer service expenses, offset by lower plant overhaul expenses due to timing of work within the year.

While year-to-date O&M expenses are essentially flat with the same period last year, management expects an increase in the fourth quarter of 2012 due to the timing of projects and expects full year O&M expense to be 4% higher than 2011. This is down from the previously expected 6% increase largely due to the revised timing of various studies.

AMERICAN SAVINGS BANK’S STABLE RESULTS REFLECT DISCIPLINED APPROACH

American’s net income for the third quarter of 2012 was $14.2 million compared with $14.2 million in the second, or linked, quarter of 2012 and $15.5 million in the third quarter of 2011.

Third quarter 2012 net income was consistent with the linked quarter as higher revenue, primarily driven by gains on sales of loans, were offset by slightly higher provision for loan losses and noninterest expense.

Compared to the same quarter of 2011, net income declined by $1.2 million.

Higher noninterest expense, primarily driven by spending for new products and projects aimed at longer-term growth, and lower net interest income from declining yields on assets, were partially offset by higher gains on sale of new residential mortgages.

Residential mortgage production totaled $272 million in the quarter compared to $123 million in the same quarter last year, outperforming the overall Hawaii market growth.

Overall, American continued to deliver solid results in third quarter 2012 with a return on average equity of 11.2% and a return on average assets of 1.15%.

HOLDING AND OTHER COMPANIES

The holding and other companies’ net losses were $4.9 million in the third quarter of 2012 compared to $5.0 million in the third quarter of 2011.

BOARD DECLARES QUARTERLY DIVIDEND

On Nov. 7, 2012, the board of directors maintained HEI’s quarterly cash dividend of 31 cents per share, payable Dec. 12, 2012, to shareholders of record at the close of business Nov. 19, 2012 (ex-dividend date is Nov. 15, 2012). The dividend is equivalent to an annual rate of $1.24 per share.

Dividends have been paid continuously since 1901. At the indicated annual dividend rate and the closing share price Nov. 6, 2012 of $25.68, HEI’s yield is 4.8%.

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www.hei.com